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Fortified Wine Market Research Report -Forecast till 2027

Fortified Wine Market Research Report: Information by Type (Port, Sherry, Vermouth, and Others), Distribution Channel (Store-Based and Non-Store-Based), and Region (North America, Europe, Asia-Pacific, and RoW)– Forecast till 2027

ID: MRFR/F-B & N/2640-HCR | February 2021 | Region: Global | 110 pages

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Fortified Wine Market Overview:


The fortified wine market is expected to garner a revenue of USD 15 billion by 2024 with a CAGR of approximately 2.30% during the forecast period, 2021–2027. Wine is being recognized as one of the major preferences of global consumers when it comes to the target audience attending social events and parties. As per a study that has been put forward by the European Association of Wine Economists and the Chaire Vins et Spiritueux de INSEECU that the wine consumption frequency is increasing at a significant rate in the global market premises. The promotions for the consumption of wine began in May 2020, amid the pandemic.


Consolidation of both on-premises and off-premises followed by the market’s replacement in the form of smaller and quality brands to suit various tastes and preferences that are helping to maintain a proper demand and supply chain mechanism by meeting the needs of the global target audience. These consolidation chains as a part of the fortified wine market are relevant to the global industry standards and promise better returns to the investment plans.


COVID 19 Analysis


Wine has been identified as one of the most drinkable beverages amongst the different groups of people that are present in various market regions. Numerous market factors like its taste, suitability, and product variations amongst others, are responsible for the rise in demand are increasing in the daily lifestyle and routine. However, since the coronavirus outbreak was declared a global pandemic and fatality by the WHO, the market has been witnessing steady yet slow growth since its arrival. During the forecast period of 2019-2024, the temporary and permanent lockdown was imposed and the demand for wine was limited to households only. Also, the manufacturing and production of products were stopped due to the imposition of lockdown. During the unlock period, the manufacturing and production were slow. Major confinement of the demand quantum and disruption in the supply chain mechanism has been experienced majorly in Spain and other parts of the European nations.


The prominent players of the fortified wine market are focusing on product variation and promoting products to fit the customer’s budget and spending capacity during the forecast period of 2019-2024. This is one of the major factors that will help increase the demand and promise better prospects during the period of expanding market operations.


Market Dynamics


Drivers


The European culture is witnessing wine as an integral part and this culture is crossing the global boundaries and entering the geography of the Asian countries. The growth of the young population in these locations are including wine as a part of their diet and as a part of occasional drinks. These rising trends are expected to rise and hence, help the market grow at an excellent scale during the forecast period ending in 2024.


Restraints


The outbreak of the pandemic has brought forward various kinds of issues for the market functioning during the forecast period that ends in 2024. The arrival of the pandemic has adversely affected the sale of hotels and they have experienced a dip in their sales volume by 77%. Also, the overall turnover has experienced a 60% dip. The restaurants’ chain was non-functional for a major time and hence, the sales were affected by 91%.


Technology Analysis


The prominent market players are experiencing a hike in sales owing to the establishment of direct relationships and professional terms with the customers. This shift is helping to boost the demand for specialist wine trade in the market and reports an increase in the quantum of sales during the period that will be ending in 2024.


Study Objectives



  • The fortified wine market report aims to get dependable market insights of the market dynamics like drivers, opportunities, and challenges alongside the operations that will drive the market towards global growth during the forecast period that ends in 2024.

  • The fortified wine market report helps to study the global market segmentation that is functional in major global regions and is likely to make a difference to the final market value with the help of the revenues earned by the segments in this period as laid down by the market leaders and industry experts.

  • The fortified wine market report has been prepared to be helpful to analyze the rising degree of competition in the key players and also, help the market investors identify the market’s potential based on the undertaken recent developments by the players during the ongoing forecast period of 2019-2024.


Market Segmentation


The fortified wine market has been divided all across the globe based on the below-mentioned market segments:


Based on the Product Type


The fortified wine market has been segmented based on the product type and includes the following:



  • Port

  • Sherry

  • Vermouth

  • Others


Based on the Distribution Channel


The fortified wine market has been segmented based on the distribution channel and includes the following:



  • Store-Based

  • Supermarkets & Hypermarkets

  • Specialty Stores

  • Others

  • Non-Store-Based


Based on the Region


The market has been divided in the global market into the North American region, European region, Asia-Pacific region, Latin American region, and the Middle East and African region.


Regional Analysis


The fortified wine market has been divided all across the globe. The market is purely functional in mushrooming market regions that are inclusive of the North American region, the Asian Pacific region, the European countries, the Latin American region, and the Middle East and African region.


Europe, as a part of the fortified wine market, is projected to emerge as the dominant market force in the market during the historic forecast period that had ended in 2019 and is expected to maintain its dominance throughout the forecast period that ends in 2024. The region’s dominance can be attributed to the high consumption of wine by the target audience that is in the region. The major country-level markets contributing to the growth of the European countries’ fortified wine market are France, Italy, Portugal, and Spain.


Competitive Landscape


The most prominent major key players in the global fortified wine market across the globe are mentioned below:



  • Bacardi Limited (UK)

  • McWilliam’s Wines Group Ltd (Australia)

  • Atsby Vermouth (US)

  • Davide Campari-Milano S.p.A (Italy)

  • Symington Family Estates (Portugal)

  • Gancia (Italy)

  • The Wine Group (US)

  • Anchor Brewing Company (US)

  • Imbue (US)

  • Bodegas Lustau (Spain)


Recent Developments



  • The participating countries, including the US, account for nearly 70% of the revenue share of the market during the forecast period that will be ending in 2024. The fortified wine market in Asia-Pacific is expected to register the highest growth rate (CAGR) during the forecast period ending in 2024 owing to the increasing influence of western culture in the region and increasing consumption of wine in various social events.

  • Prominent market players like E&J Gallo Winery (US), Sogrape Vinhos, S.A. (Portugal), and González Byass (Spain) are increasing their investment and funding for the research and development department to expand the product portfolios for the benefit of the global target audience.

  • The major key players belonging to the fortified wine market value are projected to be making use of various strategies to sustain their market position in the fortified wine market in the global market by going for mergers, and acquisitions, by collaborating, setting up a new joint venture, and establishing a partnership. Also, the rising investments help develop a new product line, innovation in the existing product, developing a new production process, and many others to expand their customer base in the untapped market sizes of the fortified wine market all across the globe.


Report Overview


This global fortified wine market research report consists of the following elements mentioned below:



  • Market Overview

  • COVID 19 Analysis

  • Market Dynamics

  • Technical Analysis

  • Market Segmentation

  • Regional Analysis

  • Competitive Landscape

  • Recent Developments


This market research report contains factors that drive the growth of the fortified wine market in the global market along with the factors that restrict its growth in the global market. The impact of COVID 19 on the fortified wine market across the globe is mentioned. The future growth rate in the fortified wine market during the forecasted period is estimated and mentioned.


Intended Audience



  • Traders and wholesalers

  • Importers and exporters

  • E-commerce companies

  • Retailers and dealers

  • Raw material suppliers and distributors

  • Fortified wine producers.


 



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Frequently Asked Questions (FAQ) :

Fortified wine market is projected to grow at a 2.30% CAGR between 2021-2027.

Europe is expected to dominate the fortified wine market.

Fortified wine market is predicted to touch USD 15 billion by 2027

Different types of fortified wine include vermouth, sherry, port, and others.

Increasing production and introduction of innovative flavors are the key factors driving the fortified wine market.